Ral315 wrote:
I had a few questions regarding the Question-and-Answer page, regarding Form 990. The current plan is to publish Form 990 by mid-February, it seems -- did the Foundation received an extension again this year? With an extension, the deadline would be February 16, rather than November 17 -- I'm assuming that's what happened.
Also, while extensions are granted fairly liberally, is it normal practice to receive extensions on an annual basis?
Yes, extensions are routine all around. I think at one point it was mentioned that some organizations or their auditors deliberately push back filing Form 990 until the last possible moment, although I doubt we want to make that our philosophy. But really it's much like any other tax filing, including personal income taxes. The IRS is less concerned about promptness in filing, as long as you obtain the proper extension, than about the filing being correct. (What you don't get an extension for, of course, is actual payment of any tax you owe.)
Anyway, our first priority was completing the audit itself rather than completing Form 990, so we're using a routine extension. I believe the last one was not filed until this past May, as the previous audit was also considerably delayed, so we're making progress on the timetable. I don't anticipate any serious difficulties or big surprises with the next Form 990, but it will still need time to prepare and review.
--Michael Snow